東易日盛(002713):數字化轉型穩步推進 關注基本面改善進展
公司近況公司於5月召開了業績説明會,管理層對於公司近期經營情況、數字化轉型進程以及未來發展規劃進行了詳細解答。評論1、大力發展整裝產品,推動業績不斷向好。公司1Q21新簽訂單約11.4億元,其中家裝業務9.7億元,精工裝業務9391萬元,公裝業務7577萬元。隨着近年來市場對於整裝需求快速增長,公司也大力投入打造整裝產品速美(產品化、標準化的整裝)以及睿築(豪宅別墅裝飾整體方案),速美業務2020年下半年已經扭虧為盈,主要由於公司整裝業務逐步成熟,且隨着精細化管理實現降本增效,未來公司計劃將繼續優化調整低效門店,加強對於優質門店和市場的投入,提升店面盈利能力,大力推動整裝業務發展。2、數字化佈局持續完善,加強終端賦能。公司通過自主研發的數字化科技家裝系統聯通家裝全業務,實現了家裝行業內的全鏈條數字化運營管理。1)數字化營銷獲客及客源轉化系統:通過大數據對客户進行精準畫像,提升客户信息洞察,完整記錄客户需求,提升溝通效率,提高客户線索轉化率; 2)數字化設計系統:利用虛擬現實技術+裸眼VR,即時進行效果展示,提升客户體驗及銷售轉化效率;3)家裝業務全鏈條智能運營管理系統:從營銷線索引入、銷售轉化過程、訂單執行、工程交付,售後服務等家裝全生命週期運營管控,保障項目良好交付。3、合作小米,期待未來互利共贏。2020年10月27日公司與小米科技簽署《股權轉讓協議》。並於2021年1月25日進行了股轉登記,轉讓完成後小米持有公司2100萬股(佔總股本5.01%),雙方已聯合完成了BBC模式的首創河著別墅項目、首創瀾茵山獨棟別墅項目。我們預計未來公司將與小米在互聯網廣吿、家裝家居領域、AloT物聯技術與智能家居生活方式打造等方面進一步開展合作,在業務上相互賦能,實現共嬴。估值與建議我們維持公司2021年/2022年每股盈利預測0.57/0.63元,當前股價對應2021/2022年P/E分別為11/10倍,維持跑贏行業評級,維持目標價9.01元,對應2021/2022年P/E分別為16/14倍,較當前股價有46%的上行空間。風險原材料價格大幅波動,地產調控超預期。
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